US Steel, Aluminum Tariffs Loom Large


As deadline for metal makers that have been granted a temporary exemption earlier this year draws nearer, the Trump administration’s tariff decision is “99.9” percent done, international media reported with a reference to Washington sources.

On March 1, Trump said that the United States was being treated unfairly, accusing his political rivals of incompetence.

“People have no idea how badly our country has been treated by other countries,” Trump said. Citing national security concerns, he then announced plans to impose global tariffs of 25% on imported steel, and 10% on aluminium.

Presidential team proved unable to win concessions from European counterparts and is most likely ready to impose tariffs on European steel and aluminum.

On Wednesday, a trade delegation led by U.S. Commerce Secretary, Wilbur Ross, met with European Union counterparts in Paris but those talks have failed.

After the collapse of talks, German Finance Minister Olaf Scholz told Reuters Thursday that the EU’s response to the tariffs must be “clear, strong, and smart” and said he did not see a chance that the trade dispute could be resolved any time soon.

Earlier in the day, the French Finance Minister, Bruno Le Maire said that European Union is prepared to retaliate using “all necessary measures” in due course. 

The EU has previously said it will impose its own tariffs on U.S. products such as motorcycles and jeans. 

European officials have said they plan to swiftly impose levies against as much as $3.3 billion in U.S. exports under a rule at the World Trade Organization that allows members to punish a country immediately for inappropriately seeking a “safeguard” against their exports.

“The day before an important decision I want to repeat this: Unilateral responses and threats of trade war resolve none of the serious imbalances in global trade,” Macron warned.

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